Ambrx Biopharma (NYSE:AMAM) Shares Up 7.7%

Ambrx Biopharma Inc. (NYSE:AMAM) rose 7.7% on Tuesday . The stock traded as high as $11.24 and last traded at $11.04. Approximately 361,206 shares traded hands during trading, a decline of 81% from the average daily volume of 1,892,357 shares. The stock had previously closed at $10.25.

Analyst Ratings Changes

Several research firms recently weighed in on AMAM. BTIG Research started coverage on shares of Ambrx Biopharma in a research note on Tuesday, September 12th. They issued a “buy” rating and a $26.00 target price for the company. Oppenheimer began coverage on shares of Ambrx Biopharma in a report on Thursday, June 1st. They set an “outperform” rating and a $30.00 price target for the company. Royal Bank of Canada began coverage on shares of Ambrx Biopharma in a report on Monday, July 31st. They set an “outperform” rating and a $29.00 price objective for the company. B. Riley began coverage on shares of Ambrx Biopharma in a research report on Tuesday, June 13th. They set a “buy” rating and a $26.00 price target on the stock. Finally, The Goldman Sachs Group boosted their target price on shares of Ambrx Biopharma from $6.00 to $10.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 13th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Ambrx Biopharma currently has an average rating of “Moderate Buy” and a consensus target price of $22.57.

Ambrx Biopharma Price Performance

The firm has a 50 day moving average of $13.85 and a two-hundred day moving average of $12.70.

Ambrx Biopharma (NYSE:AMAM) last released its quarterly earnings data on Wednesday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.23. The firm had revenue of $1.12 million during the quarter, compared to the consensus estimate of $1.50 million. As a group, analysts forecast that Ambrx Biopharma Inc. will post -1.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ambrx Biopharma

Several large investors have recently made changes to their positions in AMAM. Exchange Traded Concepts LLC purchased a new stake in Ambrx Biopharma in the 2nd quarter valued at about $162,000. Renaissance Technologies LLC raised its stake in shares of Ambrx Biopharma by 91.5% during the first quarter. Renaissance Technologies LLC now owns 22,600 shares of the company’s stock worth $93,000 after purchasing an additional 10,800 shares during the last quarter. Tocqueville Asset Management L.P. acquired a new position in Ambrx Biopharma during the first quarter worth $112,000. QP Wealth Management LLC acquired a new position in Ambrx Biopharma during the second quarter worth $209,000. Finally, Innovis Asset Management LLC purchased a new position in shares of Ambrx Biopharma during the second quarter valued at approximately $277,000. 77.28% of the stock is currently owned by institutional investors and hedge funds.

About Ambrx Biopharma

Ambrx Biopharma Inc, a clinical-stage biologics company, discovers and develops engineered precision biologics using its proprietary expanded genetic code technology platform. The company's lead product candidate is ARX788, an anti-HER2 antibody-drug conjugate (ADC), which is investigated in various clinical trials for the treatment of breast cancer, gastric/gastroesophageal junction cancer, and other solid tumors, including ongoing Phase 2/3 clinical trials for the treatment of HER2-positive metastatic breast cancer and gastric cancer.